Female Executives and Corporate Cash Holdings

11 Pages Posted: 7 Aug 2018

See all articles by Binay Adhikari

Binay Adhikari

University of Texas at San Antonio

Date Written: December 1, 2017


I find that firms led by female top executives hold more cash, partly due to precautionary motives. To overcome endogeneity concerns, I employ several econometric techniques, including an instrumental variable analysis based on a historical event that resulted in a plausibly exogenous variation in the female workforce participation. Overall, my results are consistent with the view that greater risk-aversion leads female executives to hold more cash.

Keywords: gender differences, cash holding, risk-aversion, precautionary motive

JEL Classification: J16, G30

Suggested Citation

Adhikari, Binay Kumar, Female Executives and Corporate Cash Holdings (December 1, 2017). Applied Economics Letters, Vol. 25, No. 3, 2018, Available at SSRN: https://ssrn.com/abstract=3215340

Binay Kumar Adhikari (Contact Author)

University of Texas at San Antonio ( email )

1 UTSA Circle
San Antonio, TX 78249
United States
2104585349 (Phone)

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